Meet the Cedar Rapids Native Who Now Owns the LA Lakers

It isn't every day that an iconic sports franchise like the Los Angeles Lakers goes up for sale. It also isn't every day that an Eastern Iowa native buys that iconic team! The Los Angeles Lakers, the franchise that gave us Wilt, Jerry West, Magic, Shaq, and Kobe, is being sold by the Buss family for a staggering $10 billion. USA Today reports that it is the most expensive purchase of a U.S. pro sports franchise in history. And the man behind that sale is from Cedar Rapids, Iowa.

Who Purchased the Los Angeles Lakers?

According to USA Today, that would be a holding company called TWG Global. The CEO and founder of that company is Mark Walter, and he just became one of the most powerful owners in sports, period. It will mark the first time in over 45 years that the team won't be owned by the Buss family. Jerry Buss purchased the Lakers in 1979.

Who is Mark Walter?

Mark Walter is a 65-year-old businessman who is a native of Cedar Rapids, Iowa. He graduated from Cedar Rapids Jefferson High School before attending Creighton University. He got his law degree from Northwestern University Law School in 1985. He helped found Guggenheim Partners in 2000 and now serves as CEO. Walter is also the CEO and founder of TWG Global. Forbes Magazine estimates that Walter is worth at least $6 billion.

What Other Sports Teams Does Walter Own? Walter's purchasing the majority stake in the LA Lakers should come as no surprise, as he is also an owner of the city's major league baseball team. Yes, Mark Walter also owns the LA Dodgers. USA Today reports that his investment group, which also includes Magic Johnson, purchased the team in 2012 for $2.2 billion. He helped build the Dodger team that has won World Series titles in 2020 and 2024. The Lakers and Dodgers aren't the only teams Walter owns. USA Today reports he also has ownership stakes in;

• Chelsea FC
• LA Sparks
• Cadillac Formula 1
• The Professional Women's Hockey League

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